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Structural Steel Market size should grow significantly during forecast timeframe due to strong economic growth rate amongst developing regions along with increased government expenditure on public infrastructure development such as bridges, offices, housing societies and hospitals. Emerging private sector infrastructure development firms in India, Mexico and UAE should offer positive market growth opportunities.
These products exhibit superior properties like high strength, ductility, ease of fabrication, seismic resistance and fast erection speed, hence find wide application scope in construction of non-residential projects like airports, manufacturing facilities, healthcare facilities and big box retail stores. Various steel sections used include channels, angles, wide flanges and I-beams owing to their design flexibility and energy efficiency propagating growth opportunity for structural steel market growth.
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Growing awareness among end-users about design flexibility, faster installation and energy efficiency of beams and channels in prefabricated engineered building (PEBs) projects should propel the product demand. Surging demand for infrastructure development projects in India, China and Brazil owing to sanitation requirement, improved standards of living and rapid urbanization will catalyze structural steel market growth.
Technological advancements in construction industry for production maximization and cost reduction should foster the high performance structural steel demand. Increased spending on construction refurbishment sector in developed countries like Germany, UK and the U.S. should be a key factor for industry growth. Global construction industry size may surpass over USD 7 trillion by 2024 and will propel structural steel market size.
Structural steel market size from industrial building application should witness strong gains owing to its product durability and immense strength, beneficial for building integrity along with lowered potential repair impacts. They are ideally used in building large bridges which can be attributed to their excellent strength-to-weight ratio ensuring capacity to withstand weights of pedestrian and vehicles.
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Structural steel market size from residential building application ranges from single family house to mixed space building and should augment product demand. Growing consumer preferences towards environment friendly product along with improved investor confidence in building public infrastructure will catalyze demand owing to products recyclability with no degradation.
China structural steel market size will witness significant gains during forecast timeframe owing to rapid industrial development and increasing infrastructural spending for non-residential projects like airport, bridges, hospitals and manufacturing facilities. China construction industry should surpass USD 1.5 trillion by 2024. Rise in the number of public private partnership (PPP) projects in construction industry should propel regional product demand.
Europe structural steel market size led by France, Italy and Germany should grow significantly by 2024. This increase in demand can be attributed to increasing institutional construction activities in the region. Europe is the second largest producer of steel in the world after China with output surpassing 170 million tons annually. Most companies set up their corporate offices in European region implying increased construction activities propelling the regional product demand.
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U.S. structural steel market size is likely to witness strong gains during forecast timeperiod. This growth in product demand can be accounted to increased spending on building skyscrapers. Using these structures saves cost and time and efficiently utilizes resources to replacing conventional building materials along with adopting innovative construction methodologies.
Global structural steel market share is moderately fragmented with key operating participant including Baogang Group, Anshan Iron & Group, Steel Authority of India, Nippon Steel, Sumitomo Metal Corp., Arcellor Mittal, Anyang Group, Hyundai Steel, POSCO and Baosteel Group.
Industry players are currently focused on mergers & acquisitions to enhance their market presence. For instance, in December 2016, China Baowu Steel Group formed a merger with Baosteel Group and Wuhan Iron & Steel Group to expand their production capacity.
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